Business turnover rebounds

Corporate turnover in 2021 has almost matched that of 2019, as the third quarter of the year proved decisive for Greece’s economic rebound.

In fact, across several sectors of the economy data from the Hellenic Statistical Authority (ELSTAT) for the January-September period show that turnover climbed even higher than in 2019.

It remains to be seen whether the distance between this year’s turnover and that of the last pre-pandemic year will close further over the current quarter, though the country is now burdened by the deterioration of the Covid-19 data and the wave of price hikes. The latter may be reflected in the short term in a turnover increase, but in the medium term it will compromise the profits of enterprises and undermine growth.

ELSTAT figures show that turnover in Greek business amounted to 91.46 billion euros in July-September 2021, up 26.9% from a year earlier. It was obviously the surge in tourism arrivals and expenditure that made the difference in the third quarter. The sector of accommodation and food service posted the greatest increase in turnover, amounting to 79.9% year-on-year, reaching €5.92 billion, against €3.29 billion in 2020. Compared to 2019, the record year for Greek tourism, turnover came quite close this year to the amount of €6.56 billion recorded then.

For the first nine months of the year the total turnover of enterprises amounted to €233.4 billion, up 16.83% compared to 2020 (€199.78 billion). What is most encouraging is that the distance from 2019 has been reduced to just 0.91% or €2.1 billion in January-September, as two years ago turnover had amounted to €235.55 billion.

The statistics announced also show some sectors outperforming their 2019 turnover, such as the food industry, which posted an €11.47 billion figure in the year to end-September, against €10.56 billion two years earlier (a rise of 8.69%). Other sectors that have outperformed are the production of basic metals (up 23.46%) and pharmaceuticals (up 43.25%).